Bill > HB277

This bill amends the existing law to provide additional options for retired public employees who have designated a spouse as their survivor beneficiary. The key provisions allow these retirees to: (1) designate a different individual as the survivor beneficiary, subject to certain conditions like recalculating the pension amount and obtaining spousal consent; (2) elect to receive the pension under the basic form of payment if they become divorced from the named spouse; and (3) designate a new survivor beneficiary if they become divorced or if the original beneficiary passes away. The bill also allows retirees with a non-spouse beneficiary to deselect that beneficiary and choose a new one or revert to the basic form of payment. Overall, this bill aims to give public retirees more flexibility in managing their survivor beneficiary designations.

Government Affairs, Health and Social Services, Military Affairs and Security

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=277&year=21